LUNC News: Terra Classic Community Passes Proposal To Bring Back Binance Burns

Proposal 11310 by Terra Classic core developer Edward Kim has unanimously passed the threshold. The proposal aims to upgrade the blockchain from v1.0.4 to v1.0.5 and introduces codes to make future upgrades possible.

The upgrade also enables the Terra Grants Foundation to make the required changes suggested by crypto exchange Binance to bring back the LUNC burn mechanism.

Terra Classic Community Approves Crucial Proposal 11310

Terra Classic core developer Edward Kim submitted Proposal 11310 last week. As part of the proposal, the Joint L1 Task Force will perform a software upgrade on the Terra Classic blockchain to transition from v1.0.4 to v1.0.5. It will make transaction fees (gas and burn tax) estimation and future chain upgrade a lot easier and smoother.

While there’s still a day left to vote on the proposal, the community has rushed to approve the blockchain upgrade proposal by Edward Kim. The LUNC community has always supported proposals suggested by professor Kim.

As per current voting details, 99.99% of voters support the proposal. It has received 46 validator votes until now and all have voted in favor of the proposal. Among the top validators, Allnodes, Interstellar Lounge, StakeBin, Luna Station 88, and Classy’s Sphere have voted “Yes” to the proposal.

Joint L1 Task Force consisting of Edward Kim, Tobias “Zaradar” Anderson, and other developers will fix the node’s LCD endpoint that corrects a calculation issue on the LCD. The upgrade is scheduled to happen at block 11,543,150, expected on February 14.

In fact, this is the first upgrade for the Terra Classic blockchain as per the Q1 roadmap. It will be followed by v1.0.6, Cosmos SDK, Tendermint, and v2.0.4 upgrades.

Furthermore, it will also enable developers to make necessary changes as suggested by Binance to bring back burn. The crypto exchange temporarily suspended its LUNC burn mechanism and reduced its commitment to burn 50% of the LUNC spot and margin trading fees instead of 100%. Binance may stop its LUNC burn mechanism if the Terra Classic community fails to make these changes.

LUNC Price Lost Momentum?

Terra Classic witnessed a massive rally recently amid renewed interest among the community members. However, the LUNC price has lost upside momentum.

LUNC price increased nearly 1% in the last 24 hours, with the price currently trading at $0.0001791. The 24-hour low and high are $0.0001773 and $0.0001804, respectively. Meanwhile, the trading volume has decreased by 40% in the last 24 hours, indicating a lack of interest from traders.

Also Read: Bitcoin (BTC) Price To Hit $25K or $21K, What’s Next?

TAGS
Binance

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.